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PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Company's major VIEs and VIE's subsidiaries | The following is a summary of the Company’s major VIEs and VIEs’ subsidiaries:
Name of major VIEs and their major subsidiaries |  | Date of establishment/acquisition
Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”) |  | Established on July 18, 2000
Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng”, a subsidiary of Shanghai Ctrip Commerce) |  | Established on March 13, 2001
Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”) |  | Established on January 8, 2007
Beijing Qu Na Information Technology Company Limited (“Qunar Beijing”) |  | Established on March 17, 2006
Summary of consolidated balance sheet information of VIEs | Summary of selected financial information of the VIEs, which represents aggregated financial information of the VIEs and their respective subsidiaries included in the accompanying consolidated financial statements, is as follows (RMB in millions):
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
Selected Balance Sheets Data of the VIEs |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 7,084 |  |  |  | 2,891 |
Short-term investments |  |  | 1,612 |  |  |  | 2,643 |
Accounts receivable, net |  |  | 2,480 |  |  |  | 606 |
Prepayments and other current assets |  |  | 2,208 |  |  |  | 2,375 |
Investments (non-current) |  |  | 3,980 |  |  |  | 2,121 |
Total assets |  |  | 28,122 |  |  |  | 17,480 |
Less: Inter-company receivables (Note i) |  |  | (8,810 | ) |  |  | (4,852 | )
Total assets excluding inter-company receivables |  |  | 19,312 |  |  |  | 12,628 |
Short-term debt and current portion of long-term debt |  |  | 5,310 |  |  |  | 5,215 |
Accounts payable |  |  | 1,944 |  |  |  | 1,497 |
Advances from customers |  |  | 1,892 |  |  |  | 1,212 |
Other payables and accruals |  |  | 2,473 |  |  |  | 2,095 |
Total liabilities |  |  | 25,045 |  |  |  | 15,558 |
Less: Inter-company payables (Note ii) |  |  | (12,946 | ) |  |  | (5,150 | )
Total liabilities excluding inter-company payables |  |  | 12,099 |  |  |  | 10,408 |
Note i :The inter-company receivables as of December 31, 2021 and 2022 mainly represented the receivables of VIEs due from the Company’s wholly-owned subsidiaries for treasury cash management purpose. Note ii : The inter-company payables as of December 31, 2021 and 2022 mainly represented payables of VIEs due to the Company’s wholly-owned subsidiaries for treasury cash management purpose.
Summary of consolidated results of operations information of VIEs | The following table set forth the summary of results of operations of the VIEs and their subsidiaries of the Company (RMB in millions):
|  | For the years ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
Net revenues |  |  | 6,513 |  |  |  | 6,035 |  |  |  | 4,335 |
Cost of revenues |  |  | 2,471 |  |  |  | 2,557 |  |  |  | 2,292 |
Net loss |  |  | (254 | ) |  |  | (119 | ) |  |  | (495 | )
Summary of consolidated results of cash flows information of VIEs | The following tables set forth the summary of cash flow activities of the VIEs and their subsidiaries of the Company (RMB in millions):
|  | For the year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
Net cash (used in)/provided by operating activities |  |  | (597 | ) |  |  | 1,271 |  |  |  | (1,677 | )
Net cash provided by investing activities |  |  | 349 |  |  |  | 618 |  |  |  | 4,317 |
Net cash provided by/(used in) financing activities |  |  | 255 |  |  |  | (1,566 | ) |  |  | (6,957 | )
Schedule of property, equipment and software estimated useful lives |
Building |  | 30 - 40 years
Leasehold improvements |  | Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment |  | 3- 5 years
Computer equipment |  | 3-5 years
Furniture and fixtures |  | 3-5 years
Software |  | 3-5 years
Allowance for doubtful accounts |
|  | 2020 |  |  | 2021 |  |  | 2022 |
Allowance at beginning of year |  |  | 256 |  |  |  | 799 |  |  |  | 815 |
Cumulative effect of adoption of new accounting standard |  |  | 83 |  |  |  | — |  |  |  | — |
Deconsolidation of subsidiaries |  |  | (27 | ) |  |  | (1 | ) |  |  | — |
Provisions for credit losses |  |  | 700 |  |  |  | 141 |  |  |  | 296 |
Write-offs |  |  | (213 | ) |  |  | (124 | ) |  |  | (341 | )
Allowance at end of year |  |  | 799 |  |  |  | 815 |  |  |  | 770 |
Company's share option activity under all the incentive plans | The following table summarized the Company’s share option activity under all the option plans (in US$, except for shares):
|  | Number of Shares (Note i) |  |  | Weighted Average Exercise Price (Note i) |  |  | Weighted Average Remaining Contractual Life (Years) (Note i) |  |  | Aggregate Intrinsic Value (in millions) (Note i) |
Outstanding at December 31, 2019 |  |  | 54,368,896 |  |  |  | 22.21 |  |  |  | 5.63 |  |  |  | 679 |
Granted |  |  | 8,921,248 |  |  |  | 15.87 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,495,960 | ) |  |  | 6.96 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (2,210,328 | ) |  |  | 12.00 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 57,583,856 |  |  |  | 22.55 |  |  |  | 5.16 |  |  |  | 704 |
Granted |  |  | 15,404,097 |  |  |  | 18.46 |  |  |  |  |  |  |  |  |
Exercised |  |  | (5,106,035 | ) |  |  | 9.32 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,800,799 | ) |  |  | 7.9 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 66,081,119 |  |  |  | 23.02 |  |  |  | 5.42 |  |  |  | 398 |
Granted |  |  | 17,311,708 |  |  |  | 14.15 |  |  |  |  |  |  |  |  |
Exercised |  |  | (4,493,648 | ) |  |  | 5.70 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (1,424,477 | ) |  |  | 10.80 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 77,474,702 |  |  |  | 22.26 |  |  |  | 5.01 |  |  |  | 995 |
Vested and expect to vest at December 31, 2022 |  |  | 74,652,470 |  |  |  | 22.43 |  |  |  | 4.96 |  |  |  | 948 |
Exercisable at December 31, 2022 |  |  | 42,196,796 |  |  |  | 25.97 |  |  |  | 3.83 |  |  |  | 410 |
Note i: The number of restricted shares and weighted average exercise price have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20)
Assumptions of Black-Scholes pricing model |
|  | 2020 |  | 2021 |  | 2022
Risk-free interest rate |  | 0.21%-1.32% |  | 0.21%-1.18% |  | 1.55%-4.45%
Expected life (years) |  | 4 – 5 |  | 4 – 5 |  | 4 – 5
Expected dividend yield |  | 0% |  | 0% |  | 0%
Volatility |  | 40%-43% |  | 39%-43% |  | 41%-49%
Fair value of options at grant date per share |  | from US$8.12 to US$31.99 |  | from US$8.61 to US$39.17 |  | from US$7.44 to US$24.58
Schedule of restricted share activities under all incentive plans | The following table summarizes the Company’s RSUs activities under all incentive plans (in US$, except for shares):
|  | Number of Shares (Note i) |  |  | Weighted average grant date fair value (US$) (Note i) |
Restricted shares |  |  |  |  |  |  |  |
Unvested at December 31, 2019 |  |  | 4,008,768 |  |  |  | 37.94 |
Granted |  |  | 550,888 |  |  |  | 28.49 |
Vested |  |  | (3,439,944 | ) |  |  | 37.53 |
Forfeited |  |  | (185,200 | ) |  |  | 38.42 |
Unvested at December 31, 2020 |  |  | 934,512 |  |  |  | 33.79 |
Granted |  |  | 255,004 |  |  |  | 31.35 |
Vested |  |  | (215,484 | ) |  |  | 37.26 |
Forfeited |  |  | (104,412 | ) |  |  | 30.12 |
Unvested at December 31, 2021 |  |  | 869,620 |  |  |  | 32.65 |
Granted |  |  | 255,000 |  |  |  | 24.67 |
Vested |  |  | (243,625 | ) |  |  | 36.15 |
Forfeited |  |  | (129,489 | ) |  |  | 33.92 |
Unvested at December 31, 2022 |  |  | 751,506 |  |  |  | 28.59 |
Note i: The number of restricted shares and weighted average grant date fair value have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20).
Summary of components of other income |
|  | 2020 |  |  | 2021 |  |  | 2022 |
Gain on deconsolidation of subsidiaries (Note 18) |  |  | 1,091 |  |  |  | — |  |  |  | — |
Government grants |  |  | 601 |  |  |  | 550 |  |  |  | 618 |
Foreign exchange (losses)/gains |  |  | (40 | ) |  |  | 1 |  |  |  | (69 | )
(Loss)/gain on disposal of long-term investments (Note 7) |  |  | (602 | ) |  |  | 63 |  |  |  | 23 |
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investment(a) |  |  | — |  |  |  | — |  |  |  | 1,135 |
Fair value changes of equity securities investments and Exchangeable Senior Notes |  |  | (612 | ) |  |  | (170 | ) |  |  | 1,338 |
Impairments of long-term investments(b) |  |  | (905 | ) |  |  | (96 | ) |  |  | (949 | )
Others |  |  | 194 |  |  |  | 25 |  |  |  | (81 | )
Total |  |  | (273 | ) |  |  | 373 |  |  |  | 2,015 |
| (a) | In 2022, an equity method investee of the Company completed an initial public offering, upon which the Company lost significant influence over the investee due to its reduced voting rights and changes in the investee’s governing documents. Consequently, the Company discontinued the equity method accounting and the investment was classified as an equity security investment with readily determinable fair value. Immediately after discontinuing the equity method, the Company recognized a gain from the remeasurement of the investment at fair value with amount of RMB1.1 b illion .
| (b) | In 2022, the Company recorded a RMB906 million impairment loss for certain redeemable preferred shares investments which is accounted for as available-for-sale debt security (Note 7).

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